Courtesy of CoreLogic.
Miami again topped the 20 largest cities in the United States for home-price increases in July as price growth on the national level continued to decelerate, CoreLogic reported, citing its monthly Home Price Insights (HPI) report.
Specifically, home prices in Miami rose 9.1% on an annual basis, followed by Chicago at 7.2% and Las Vegas at 7%. Nationally, prices rose by 4.3% year over year after rising 4.7% in June. On a monthly basis, prices slid 0.1%.
Looking ahead, the CoreLogic HPI Forecast predicts home prices will rise by just 0.2% in August on a month-over-month basis.
By state, there were no annual price declines in July, while Rhode Island (10.6%), New Jersey (9.7%) and Connecticut (8.3%) had the greatest increases.
“The question for home prices going forward is whether the upcoming rate cut from the Fed and the expected continuation of falling mortgage rates will be sufficient to motivate potential homebuyers, who may start to fear a cooling labor market and continued uncertainty of a soft landing, along with anticipation around the presidential election,” Chief Economist Selma Hepp said in a press release.
“And while lower mortgage rates are a boost to affordability and are likely to help buyer demand, the usual fall housing market slowdown is upon us and is likely to contain any significant surge in activity,” she added.